Iraq oil minister sees possible oil oversupply

WARSAW (Reuters) – Oil supplies may be running slightly ahead of current world demand, Iraqi Oil Minister Hussain al-Shahristani said on Thursday.

“It seems for the time being what (oil) is being made available on the market meets the demand or even there is slightly more than demand,” Shahristani told reporters.

Shahristani would not say if the situation meant OPEC needed to cut output at its September meeting, saying the group would have to first review its market data.

Reuters